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Evolution Petroleum Q1 Earnings, Revenue Decline; Completes Barnett Shale Assets Deal

05/10/2021 13:31

05:18 PM EDT, 05/10/2021 (MT Newswires) -- Evolution Petroleum (EPM) late Monday reported Q1 net income of $0.04 per share, down from $0.11 per share a year earlier, while revenue slipped to $7.6 million from $7.7 million during the first three months of 2020.

Analyst estimates were not available.

The company also said it completed its previously announced purchase of non-operated oil and natural gas assets in the Barnett shale formation on May 7. It said a portion of the non-operated dry gas assets were not included in the sale because of possible title defects, although Evolution can choose to buy those properties at a mutually agreed price once those defects are resolved.

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